Federal laws and regulations dealing with money laundering and anti-terrorist financing that went into effect in 2008 require real estate agents and brokers to collect and verify personal information from buyers and sellers.

REALTORS® require this identification information to comply with the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This law requires financial institutions and real estate agents, among other professionals and services covered by the legislation, to identify customers who conduct financial transactions.

Read a brochure created by the Canadian Real Estate Association for buyers and sellers of real estate.